The bonds have a conversion price of $359.88 per share. If Tesla’s share price is below that amount by the due date of March 1, 2019, the notes must be paid by the company in cash to the holders. If the stock price is above, notes are generally converted into equity shares.

While the March tranche is the most immediately due, it’s not the largest of Tesla’s outstanding debt. Some $1.3 billion and $977 million of convertible coupons are due in 2021 and 2022, respectively, and $1.8 billion of traditional bonds due in 2025 are currently outstanding, according to data compiled by Bloomberg.

Shares of Tesla rose about 0.9% in after-hours trading Thursday, and are up about 12.8% since the beginning of the year.